According to the 2013 Home Features survey by NAR (The National Association of Realtors), 53% of buyers made home improvements within the first 3 months of ownership.
- 37% spent $5,000 to $25,000,
- 9% spent $25,000 or more, and
- 54% spent less than $5,000.
What were the most common home improvement projects?
47% remodeled their kitchen; next came bathrooms at 44%. As well, 41% of buyers added or replaced lighting, 37% added or replaced appliances, 34% redid the landscaping and 32% added hardwood floors.
What more would buyers have preferred?
Though the satisfaction level of the home purchased was high, most buyers would have preferred to have more or larger closets and storage.
Though about 20% would have liked a larger home, more than half would have liked a larger kitchen.
What were they willing to pay a higher dollar value for?
- Having a basement was seen as a valuable component to a home. This is understandable as a basement can supply additional storage space and when finished can increase a home’s total living area. In fact and in our area a home without a basement can have a noticeable negative difference in value.
- 1 out of 5 buyers also saw added value to a home with an in-law suite. Over the past number of years, we have seen a demand for homes with an in-law apartment, with some families pooling their money to purchase a home with this feature.
- 40% were willing to pay more for a home that was less than 5 years old. New homes certainly have a higher sticker price that people wanting a new home are willing to pay for. Homes within the 5-year range, if well maintained, also bring in a higher value. The landscaping has been done and many new home kinks have been worked out.
- Central air was considered the most important feature.
- The next most important feature was an eat-in kitchen.
- Next came a walk-in closet in the master bedroom, with an ensuite bath in the master closely behind.
- Single women, as well as 42% of buyers 55 and older, considered finding a single-level home of utmost importance.
- New kitchen appliances were favored by all buyers.